Settlement Assets and Payment Service Obligations

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Settlement Assets and Payment Service Obligations

The Company records payment service obligations relating to amounts payable under money transfers, money orders and consumer payment service arrangements. These obligations are recognized by the Company at the time the underlying transaction occurs. The Company records corresponding settlement assets, which represent funds received or to be received for unsettled money transfers, money orders and consumer payments.

The following table summarizes the amount of settlement assets and payment service obligations:

(Amounts in millions)	March 31, 2023		December 31, 2022
Settlement assets:
Settlement cash	$	1,369.5	$	1,499.1
Receivables, net	942.1		1,107.0
Interest-bearing investments	937.7		998.1
Available-for-sale investments	2.7		3.0
Total settlement assets	$	3,252.0	$	3,607.2
Payment service obligations	$	(3,252.0)	$	(3,607.2)